Wall Street Calmed Bitcoin's Wild Swings — Expert Sees $90K by Year-End

Has Bitcoin lost its wild side? According to analyst Markus Thielen from research firm 10x, big Wall Street players have calmed Bitcoin's famous price explosions — but he still thinks the cryptocurrency can climb higher.

What happened to the wild rallies? When large financial companies started buying Bitcoin through ETFs (exchange-traded funds — investment products that let people buy Bitcoin easily through the stock market), the market became steadier. Thielen notes that early buyers even paid big premiums (extra money above the actual value of the Bitcoin they were getting).

Where is Bitcoin headed? Thielen still expects Bitcoin to reach $90,000 by the end of the year, though he warns it could dip first. Here are the key numbers:

• Bitcoin fell to about $76,100 on Friday after a $6.3 billion hack linked to Binance
• BTC ended October down 7.3%
• A drop into the mid-to-high $70,000s could happen before any rally

He compares today's recovery to early 2023, when Bitcoin rose from around $20,000 to $30,000 — and says many investors are nervously waiting for the next buying chance.

The Fed factor Bitcoin's path may depend on the Fed (the US central bank that sets interest rates). Recent moves:

• In September, the Fed raised rates by 0.25%, to a range of 3.75%–4%
• Last week it held rates steady, but two officials wanted another increase
• Thielen expects one more hike by December, then a more cautious approach that could help Bitcoin rally

Bitcoin over Ethereum Thielen believes Bitcoin will outperform Ether (ETH). His concern: Ethereum has made itself cheaper to use, but that means fewer coins get "burned" (permanently removed from supply), which can weaken its investment appeal. He compares Ethereum to a highway everyone wants to use but nobody wants to pay for.

The bottom line: Bitcoin's days of chaotic price swings may be fading as institutions take over, but Thielen still sees room for growth toward $90,000 — if the Fed cooperates.

This is an AI-generated summary. Read the original article at: https://cointelegraph.com/magazine/wall-street-killed-bitcoins-wild-rallies-markus-thielen?utm_source=rss_feed&utm_medium=rss&utm_campaign=rss_partner_inbound